Freddie Mac vice president and chief economist Frank Nothaft on the low rates and housing affordability:

“With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January, according to the National Association of Realtors® Housing Affordability Index which registered the highest reading since records began in 1970.”

Here’s a look at the path of rates since January 2010:

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